Arcellx (NASDAQ:ACLX) Earns Buy Rating from Analysts at Citigroup

Research analysts at Citigroup assumed coverage on shares of Arcellx (NASDAQ:ACLX) in a report released on Tuesday,Benzinga reports. The brokerage set a “buy” rating and a $110.00 price target on the stock. Citigroup’s price objective points to a potential upside of 71.63% from the company’s current price.

Other analysts also recently issued research reports about the stock. Scotiabank dropped their target price on shares of Arcellx from $133.00 to $93.00 and set a “sector outperform” rating for the company in a report on Friday, May 9th. HC Wainwright reiterated a “buy” rating and issued a $115.00 price objective on shares of Arcellx in a report on Monday. Fourteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Arcellx has a consensus rating of “Buy” and a consensus target price of $111.23.

Arcellx Stock Performance

ACLX opened at $64.09 on Tuesday. The stock has a market capitalization of $3.53 billion, a PE ratio of -90.27 and a beta of 0.28. Arcellx has a one year low of $47.86 and a one year high of $107.37. The business’s 50 day moving average price is $62.22 and its 200 day moving average price is $67.60.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.29). The business had revenue of $8.13 million for the quarter, compared to analysts’ expectations of $19.51 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. As a group, equities research analysts forecast that Arcellx will post -1.58 earnings per share for the current fiscal year.

Insider Activity at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $57.50, for a total value of $86,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 6,000 shares of company stock valued at $371,235 over the last three months. 8.35% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arcellx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACLX. Rhumbline Advisers increased its holdings in shares of Arcellx by 1.9% in the 4th quarter. Rhumbline Advisers now owns 59,903 shares of the company’s stock valued at $4,594,000 after acquiring an additional 1,125 shares during the period. Congress Asset Management Co. grew its position in Arcellx by 11.4% during the 4th quarter. Congress Asset Management Co. now owns 25,321 shares of the company’s stock worth $1,942,000 after purchasing an additional 2,586 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in Arcellx in the fourth quarter valued at $1,838,000. New York State Common Retirement Fund raised its holdings in shares of Arcellx by 7.5% in the fourth quarter. New York State Common Retirement Fund now owns 20,243 shares of the company’s stock valued at $1,552,000 after buying an additional 1,415 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its stake in shares of Arcellx by 98.1% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 7,735 shares of the company’s stock worth $593,000 after buying an additional 3,831 shares during the period. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Company Profile

Arcellx, Inc, together with its subsidiary, engages in the development of various immunotherapies for patients with cancer and other incurable diseases in the United States. The company’s lead ddCAR product candidate is anitocabtagene autoleucel, which is in phase 2 clinical trial for the treatment of patients with relapsed or refractory multiple myeloma (rrMM).